Pyramid scheme mastermind found guilty
EAST LONDON – Jacobus Viljoen (55) was sentenced to 10 years imprisonment on Wednesday, 15 June 2016, at the Port Elizabeth Specialised Commercial Crime court for investment fraud. Viljoen was a co-owner of F&J Consultants, a pyramid scheme which between 2006 and 2007 defrauded its investors of a total of R6 million.
He enticed clients to invest money into the scheme with the assurance that their money would grow by between 20 percent and 35 percent every month. Viljoen was found guilty of Investment fraud which amounts to R5,5 million. His ten-year sentence is suspended for five-years on condition that he pay R5,5 million to the Curator of Pricewaterhouse Coopers in Port Elizabeth.
In addition, he must pay approximately R533 014.91 on or before 30 September 2016 to Pricewaterhouse Coopers for Curator fees